News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.56%, while traders in France 40 are at opposite extremes with 80.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/85hvnrXx2Y
  • 🇦🇺 Retail Sales MoM Final (MAR) Actual: 1.3% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-05-10
  • Heads Up:🇦🇺 Retail Sales MoM Final (MAR) due at 01:30 GMT (15min) Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-05-10
  • Dow Jones, Hang Seng, ASX 200 Outlook: Big NFP Miss Defies Tapering Fears https://www.dailyfx.com/forex/market_alert/2021/05/10/Dow-Jones-Hang-Seng-ASX-200-Outlook-Big-NFP-Miss-Defies-Tapering-Fears.html https://t.co/36W8etHCDr
  • Please join @IlyaSpivak at 22:00 EST/2:00 GMT for a cross-market weekly outlook webinar. Register here: https://t.co/E213bTtq5C https://t.co/6PbIKTwhqO
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here: https://t.co/qV3c7a4YR3 https://t.co/ownmpdUkvg
  • Optimism about post-Covid recovery drove capital from tech and into cyclical sectors, boosting the Dow Jones and pulling down the Nasdaq 100. Inflation expectations hit a multi-year high. Will this trend be sustained? Market update from @margaretyjy here: https://t.co/g8XqIhX860 https://t.co/6mJifUKgYl
  • 8 out of 9 Dow Jones sectors ended lower, with 76.7% of the index’s constituents closing in the red. Industrials (+1.15%), communication services (+1.03) and financials (+0.93%) were among the best performers, while consumer staples (-0.21%) trailed behind. https://t.co/RXnemidUKk
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUuBpt https://t.co/4z74mA8b9Q
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30AM EST (12:30 GMT) on DailyFX!! https://t.co/lxd5fZnn4H
Gold Price Forecast: XAU/USD Plummets, Are the Bulls Done For?

Gold Price Forecast: XAU/USD Plummets, Are the Bulls Done For?

Michael Boutros, Strategist

Gold Technical Price Outlook: XAU/USD Weekly Trade Levels

Gold prices plummeted nearly 11% off the record / yearly highs with XAU/USD breaking out of a multi-month consolidation pattern. The threat remains for a deeper correction near-term before resumption of the broader uptrend in price. These are the updated targets and invalidation levels that matter on the gold weekly charts. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this gold technical setup and more.

Gold Price Chart - XAU/USD Weekly

Gold Price Chart

Chart Prepared by Michael Boutros, Technical Strategist; Gold on Tradingview

Notes: In last month’s Gold Weekly PriceOutlook we noted that XAU/USD was, “in consolidation just above confluence support and we’re looking for a breakout to offer guidance. From a trading standpoint, the risk remains for a deeper correction while below 1994.” Gold resolved lower this week with a break of the contraction zone giving way to a decline of more than 4.6%.

Initial weekly support eyed at the 38.2% Fibonacci retracement of the 2020 yearly range at 1836 backed by the 2012 high / 100% extension at 1795-1803. Ultimately, the broader outlook remains constructive while above the highlighted confluence zone around ~1763.Resistance now stands back the 2011 high-close at 1909 with bearish invalidation now lowered to the August weekly reversal-close at 1932- a breach / close above this threshold would be needed to shift the near-term focus higher again.

Bottom line: Gold prices have broken lower and while the broader technical structure is constructive, the risk remains for a deeper correction before resumption. From a trading standpoint, look for topside exhaustion on recoveries ahead of 1932 IF price is indeed heading lower – ultimately, a larger correction may offer more favorable entries closer to longer-term uptrend support. Review my latest Gold Price Outlook for a closer look at the near-term XAU/USD technical trading levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Gold Trader Sentiment – XAU/USD Price Chart

Gold trader sentiment
  • A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +4.28 (81.05% of traders are long) – bearishreading
  • Long positions are3.87% higher than yesterday and 4.54% higher from last week
  • Short positions are13.06% lower than yesterday and 6.16% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger Gold-bearish contrarian trading bias from a sentiment standpoint.

---

Previous Weekly Technical Charts

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES